Get All Access for $5/mo

Baazar Style Retail Secures INR 250 Cr from Anchor Investors Ahead of IPO The IPO, valued at INR 835 crore, is scheduled to open for subscription on August 30 and will close on September 3. The price band for the IPO has been set between INR 370 and INR 389 per share.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Baazar Style Retail

Baazar Style Retail Ltd, a value fashion retailer, announced that it has raised INR 250 crore from anchor investors just one day before its much-anticipated initial public offering (IPO) opens for public subscription. The company, known for its strong presence in West Bengal and Odisha, has attracted significant interest from major investors.

Among the anchor investors are notable names such as Ashoka India Equity Investment Trust Plc, Volrado Venture Partners Fund IV Gamma, HSBC Global Investment Funds, Allianz Global Investors Fund, Al Mehwar Commercial Investments LLC, HDFC Mutual Fund, HSBC Mutual Fund, Bandhan Mutual Fund, and Bajaj Allianz Life Insurance Company.

According to a circular on the BSE website, Baazar Style Retail has allotted 64.29 lakh equity shares to these 28 funds at INR 389 per share, amounting to INR 250.1 crore.

The IPO, valued at INR 835 crore, is scheduled to open for subscription on August 30 and will close on September 3. The price band for the IPO has been set between INR 370 and INR 389 per share.

The offering is a mix of a fresh issue of equity shares worth INR 148 crore and an offer for sale (OFS) of up to 1.76 crore shares, valued at INR 687 crore at the upper end of the price band.

Promoter group entities and other selling shareholders, including Rekha Jhunjhunwala, Intensive Softshare Pvt Ltd, and Intensive Finance Pvt Ltd, will divest part of their stakes through the OFS.

The proceeds from the fresh issue will primarily be used to pay off INR 146 crore in debt, with the remaining funds allocated for general corporate purposes. This fundraising comes shortly after the company raised INR 37 crore from Volrado Ventures Partners Fund II in a pre-IPO placement round, which led to a reduction in the fresh issue size.

Baazar Style Retail reported consolidated revenue from operations of INR 972.88 crore and a profit after tax of INR 21.94 crore for FY24. Investors looking to participate in the IPO can bid for a minimum of 38 shares per lot, with additional shares in multiples of 38. Axis Capital, Intensive Fiscal Services, and JM Financial are serving as the book-running lead managers for the issue.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.

Employee Experience & Recruiting

There's a Growing Demand For This New Type of Professional — Here's Why Your Startup Needs Them, Too.

As startups evolve, a new breed of talent — the "boulder climber" — is emerging: adaptable professionals who balance strategic vision with hands-on execution. Learn why these versatile hires are redefining success in lean, agile teams.